Except as specifically described, the following disclosures apply to all share accounts, club accounts and IRAs.

  1. Rate Information. The Dividend Rate and Annual Percentage Yield on your accounts as of the last Dividend Declaration are set forth according to our current rate schedule. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for a 365 day period. The Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Unions's Board of Directors.
  2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.
  3. Compounding and Crediting. Dividends will be compounded according to our current rate schedule. The Dividend Period for each account is set forth at the time of the account opening. The Dividend Period begins on the first calendar day of each month and ends on the last calendar day of each month.
  4. Accrual of Dividends. Dividends will begin to accrue on cash deposits and noncash deposits (e.g. checks) on the business day you make the deposit to your account. Except for Share Certificate accounts, if you close your account before accrued dividends are credited, accrued dividends will be paid.
  5. Balance Information. The minimum balance required to open each account varies according to the account type. For Share, Share Draft, Club and IRA Accounts, dividends and minimum balances are calculated using the average daily balance method which is determined by adding the full amount of the principal in the account for each day of the period and dividing that figure by the number of days in that period.
  6. Account Limitations. The account limitations for each account vary by the type of account. For a Share Savings account in which transfer limitations apply, no more than six (6) preauthorized, automatic, or telephone transfers may be made from these accounts to another account of yours or to a third party in any month, and no more than (3) of these six (6) transfers may be made by check, draft or debit card to a third party. If you exceed these limitations, your account may be subject to a fee or closed.
East Millinocket Maine Fall 2016 Photo, East Millinocket Federal Credit Union